Ecobank Zimbabwe
Encyclopedia
Overview
Ecobank Zimbabwe is a small, but growing financial services provider in ZimbabweZimbabwe
Zimbabwe is a landlocked country located in the southern part of the African continent, between the Zambezi and Limpopo rivers. It is bordered by South Africa to the south, Botswana to the southwest, Zambia and a tip of Namibia to the northwest and Mozambique to the east. Zimbabwe has three...
, serving large corporate clients, upscale retail customers and medium to large business enterprises. The company’s services include personal banking, business banking, global banking and agricultural finance. , the bank is a medium-sized financial services provider in Zimbabwe, with shareholders' equity of US$13.8 million, with targeted expansion to US$20 million, by December 2011.
History
The bank was established in 2002 as Pemier Finance Group, a merchant bank. In January 2011, Ecobank Transnational acquired majority shareholding in Premier Finance Group, at a price of US$10 million. Following the change in ownership, the institution rebranded to Ecobank Zimbabwe in May 2011. It also requested and was granted permission to change its merchant bankMerchant bank
A merchant bank is a financial institution which provides capital to companies in the form of share ownership instead of loans. A merchant bank also provides advisory on corporate matters to the firms they lend to....
ing license to a commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
ing license.
Ownership
Ecobank Zimbabwe is a subsidiary of Ecobank Transnational, the Pan African bank with headquarters in Lome, Togo and a presence in over 30 African countries. Other shareholders in the Zimbabwean subsidiary are shown in the table below:{| style="font-size:95%;"
|-
| width="80%" align="center" | Ecobank Zimbabwe Stock Ownership
|- valign="top"
|
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Ecobank Transnational | 70.00 |
| 2 | Consortium of Zimbabwean Investors Consortium A consortium is an association of two or more individuals, companies, organizations or governments with the objective of participating in a common activity or pooling their resources for achieving a common goal.... |
30.00 |
| Total | 100.00 | |
Branch network
As of August 2011, the bank has a network of four operational branches, with three more expected in 2011.- Head Office - 2 Piers Road, HarareHarareHarare before 1982 known as Salisbury) is the largest city and capital of Zimbabwe. It has an estimated population of 1,600,000, with 2,800,000 in its metropolitan area . Administratively, Harare is an independent city equivalent to a province. It is Zimbabwe's largest city and its...
- Joina City Branch - Jason Moyo Avenue, HarareHarareHarare before 1982 known as Salisbury) is the largest city and capital of Zimbabwe. It has an estimated population of 1,600,000, with 2,800,000 in its metropolitan area . Administratively, Harare is an independent city equivalent to a province. It is Zimbabwe's largest city and its...
- Samora Machel Branch - 137 Samora Machel Avenue, HarareHarareHarare before 1982 known as Salisbury) is the largest city and capital of Zimbabwe. It has an estimated population of 1,600,000, with 2,800,000 in its metropolitan area . Administratively, Harare is an independent city equivalent to a province. It is Zimbabwe's largest city and its...
- Bulawayo Office - Hillside Road, BradfieldBradfield, Zimbabwe-Location:Bradfield is located in Bulawayo District, Matabeleland North Province, in the city of Bulawayo, the second-largest business and industrial center in Zimbabwe, after the capital, Harare, located approximately , by road, to the northeast....
, BulawayoBulawayoBulawayo is the second largest city in Zimbabwe after the capital Harare, with an estimated population in 2010 of 2,000,000. It is located in Matabeleland, 439 km southwest of Harare, and is now treated as a separate provincial area from Matabeleland... - Fifth Office - Harare (Coming soon)
- Sixth Office - (Expected in 2011)
- Seventh Office - (Expected in 2011)
Governance
The Chairman of the bank is Sengiyampula Mlambo. The Managing Director and Chief Executive OfficerChief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
is Daniel Sackey.